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Data as of Oct 28, 2026.

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EWD vs EWL: Differences, Returns & Fees

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Over the year to Oct 28, 2026, EWD returned +8.5% to EWL's +14.5%; 0% of their weight is in the same names.

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Net assets: $1.1bn on Oct 27, 2026 for iShares MSCI Sweden ETF, and $3.0bn on Oct 28, 2026 for iShares MSCI Switzerland ETF.

EWD on its own →EWL on its own →
At a glance
+8.5%
EWD total return, 1 year
+14.5%
EWL total return, 1 year
0.51%
EWD expense ratio
0.50%
EWL expense ratio

Pair scorecard

EWL costs 0.01 points a year less; their one-year returns differ by 6.0 points; EWL is 2.6 times larger.

EWD vs EWL: Differences, Returns & Fees
MeasureEWDEWL
Return
Total return, 1 year+8.5%+14.5%
Drawdown
Below its high5.4%, high on Aug 25, 2026
Benchmark
What it tracksMSCI Sweden 25/50 IndexMSCI Switzerland 25/50 Index
Cost and size
Expense ratio0.51%0.50%
Net assets, as of Oct 26, 2026$1.1bn$2.9bn
Holdings
Holdings in common0%
Top ten holdings, share of the fund58.8%65.3%

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

Apr 11, 2008 to Oct 23, 2026 · 967 weekly returns · each against ACWX
EWD EWL
Return
Total return edge EWL +215.0% +266.3%
Annualized edge EWL +6.4% +7.2%
Price return edge EWL +66.7% +146.5%
Risk
Volatility edge EWL 26.9% 18.1%
Max drawdown edge EWL −62.9% −49.0%
Downside capture 110.3% 85.4%
Beta 1.21 0.80
Risk-adjusted
Sharpe edge EWL 0.31 0.40
Sortino edge EWL 0.45 0.56
Treynor 0.069 0.090
Calmar edge EWL 0.10 0.15
Against the benchmark
Alpha +2.3% a year +3.2% a year
Alpha t-stat 0.80 1.55
Information ratio 0.26 0.22
Tracking error 13.0% 9.7%
Reading

EWL returned more: +266.3% to +215.0%. EWL swung less: 18.1% to 26.9%. EWL fell less at its worst: −49.0% to −62.9%.

Full scorecard

19 measures, with how each is measured Open ↓
Risk and return: EWD vs EWL: Differences, Returns & Fees
MeasureEWDEWLACWXEdgeHow it is measured
Return
Total return+215.0%+266.3%+129.8%EWLPrice change plus distributions, reinvested.
Annualized+6.4%+7.2%+4.6%EWLTotal return as a yearly rate.
Price return+66.7%+146.5%+42.8%EWLPrice change alone, distributions left out.
Risk
Volatility26.9%18.1%19.8%EWLSpread of weekly returns, annualized. Lower is steadier.
Downside deviation18.7%12.9%14.4%EWLLike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−62.9%−49.0%−59.4%EWLDeepest fall from a high to the low after it.
Upside capture138.5%77.0%100.0%EWDShare of its benchmark's rise caught in the weeks it rose.
Downside capture110.3%85.4%100.0%EWLShare of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta1.210.801.00EWL lowerHow far it moves for each 1% its benchmark moves.
R squared0.790.761.00Not an edgeShare of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe0.310.400.25EWLReturn above Treasury bills per unit of volatility.
Sortino0.450.560.35EWLReturn above Treasury bills per unit of downside deviation.
Treynor0.0690.0900.050EWLReturn above Treasury bills per unit of beta.
Calmar0.100.150.08EWLAnnualized return divided by the max drawdown.
Against the benchmark
BenchmarkACWXACWXACWXThe ETF each fund is measured against.
Alpha+2.3% a year+3.2% a year0.0%Not significantYearly return beyond what its beta to the benchmark predicts.
Alpha t-stat0.801.55Not an edgeHow sure the alpha is. Below 2, it could be chance.
Alpha range−3.3% to +7.9%−0.8% to +7.2%Both include zeroThe 95% range for the yearly alpha.
Information ratio0.260.22EWDReturn against its benchmark per unit of tracking error.
Tracking error13.0%9.7%0.0%Not an edgeHow far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 967 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

0%

By the books each fund has filed, EWD and EWL hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

0 half 100%

half

0% in common

Positions both hold · largest shared weight first EWD EWL
EUR/USD 0.01% 0.00%
Only in one fund ↓
Only in EWD
SPOTIFY TECHNOLOGY 10.92%
INVESTOR CLASS B 9.88%
VOLVO CLASS B 6.48%
ATLAS COPCO CLASS A 6.33%
SANDVIK 4.91%
ASSA ABLOY B 4.80%
SWEDBANK 4.27%
SKANDINAVISKA ENSKILDA BANKEN 4.04%
Only in EWL
ROCHE PS PAR AG 14.99%
NOVARTIS AG 12.54%
NESTLE SA 11.36%
UBS GROUP AG 5.83%
ZURICH INSURANCE GROUP AG 4.57%
ABB LTD 3.88%
COMPAGNIE FINANCIERE RICHEMONT SA 3.87%
LONZA GROUP AG 2.94%
Check overlap with more funds →

Side by side

EWD iShares MSCI Sweden ETF EWL iShares MSCI Switzerland ETF
Where it sits Stock ETF Stock ETF
Issuer iShares iShares
What it is Tracks an index Tracks an index
Total return, 1 year +8.5% +14.5%
Its benchmark over the same days +14.3% (ACWX) +14.3% (ACWX)
Gap to its benchmark −5.8 pts vs ACWX +0.2 pts vs ACWX
Expense ratio 0.51% 0.50%
Already in the S&P 500 0.0% 0.0%
Holdings 42 43
Net assets, EWD as of Oct 27, 2026 and EWL as of Oct 28, 2026 $1.1bn $3.0bn

EWD and EWL on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-80E8AA2158

EWD and EWL are built for the same job. How do they differ in cost, holdings and results?

  1. What each follows. EWD follows MSCI Sweden 25/50 Index and EWL follows MSCI Switzerland 25/50 Index.
  2. Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
  3. One-year total return. Over 1 year to Oct 28, 2026 EWD returned +8.5% and EWL +14.5% with distributions reinvested, a gap of 6.0 points.

Data as of Oct 28, 2026.

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About each fund
EWD

EWD tracks an index. Over the year to Oct 28, 2026 it returned +8.5% with distributions reinvested, against +14.3% for its benchmark, the MSCI ACWI ex USA Index. The prospectus expense ratio is 0.51% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 42 positions, with the top ten at 58.8%. It sat 5.4% below its high of Aug 25, 2026 on Oct 28, 2026.

EWL

EWL tracks an index. Over the year to Oct 28, 2026 it returned +14.5% with distributions reinvested, against +14.3% for its benchmark, the MSCI ACWI ex USA Index. The prospectus expense ratio is 0.50% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 43 positions, with the top ten at 65.3%.

Questions people ask

Which returned more over the last year, EWD or EWL?
In the year to Oct 28, 2026, with distributions reinvested, EWD returned +8.5% and EWL +14.5%.
Which is cheaper, EWD or EWL?
EWL is cheaper, by 0.01 percentage points a year. That is about $1 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do EWD and EWL overlap with the S&P 500?
By their latest filed holdings, 0% of EWD and 0% of EWL by weight is stocks the S&P 500 already holds.
Other comparisons
EWD vs FEZEWD vs EWGEWD vs EWIEWD vs IDVEWI vs EWLEWG vs EWLEWL vs IEVEWL vs HEDJ
Where to next
EWD on its own →EWL on its own →Hold both: look the portfolio through →Rankings →EWD dividend history →EWD holdings →EWL dividend history →EWL holdings →Standards and sources →
Sources and dates
EWD and EWL filings on SEC EDGAR ↗
EWD and EWL prospectus with the expense ratio (SEC) ↗
iShares page for EWD ↗
iShares page for EWL ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, EWD against EWL, data as of Oct 28, 2026. https://etfiq.com/compare/any/ewd-vs-ewl

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.